Nigeria’s November Savings Bond Sales Drop by 17.4% Despite Higher Interest Rates

The Debt Management Office (DMO) of Nigeria announced that it sold N5.06 billion in savings bonds in November. This amount is a 17.4% decrease from the N6.12 billion sold in October. The drop in sales was seen across both types of bonds offered.

The November bond sale included N746.01 million for a two-year bond and N4.31 billion for a three-year bond. The offer was open from November 2 to November 6 and settled on November 11. The interest rates for the two-year and three-year bonds were set at 13.25% and 14.25%, respectively.

Despite the higher interest rates, which usually attract more investors, the number of subscriptions fell. For the two-year bond, there were 968 subscriptions in November, down from 1,261 in October. The amount allotted also dropped from N1.02 billion to N746.01 million.

The three-year bond saw a similar decline, with 2,390 subscriptions in November compared to 2,678 the previous month. The amount allotted for this bond fell from N5.11 billion to N4.31 billion. Even with the decrease, the three-year bond still made up the majority of the funds raised.

Interest payments for these bonds are made quarterly on February 11, May 11, August 11, and November 11. The two-year bond will mature on November 11, 2028, while the three-year bond matures on November 11, 2029.

Looking at the bigger picture, the DMO’s savings bond sales for the first nine months of 2026 were higher than in the same period last year. They allotted N47.25 billion from January to September, which is a 30.4% increase from N36.23 billion in 2025. This savings bond program allows retail investors to invest in government debt alongside larger bond issuances.